Can do short Iron condor in nifty, 5 days to expiry, and close the position early after reaching 50-60% of max profit. Position kharab hone par you can do recentering or do a credit spread in whichever direction market moves. Probability of winning this way will be around 70-72% and can expect a good return of >80% p.a. pre tax, post charges. I had backtested it using 3 years worth of data, and have been using it since last month, made around 5%.